The months of June and July — the peak of the epidemic in India — have seen UPI transactions reach record levels. With the movement restricted, the UPI transaction was zoomed. But after now. Those days of rapid growth, Things are a little quieter.
Clearly, transaction costs have risen, but growth in adoption of the UPI has slowed. Following the reopening of physical stores across the country, the reason for the return to business is being attributed to the cash-based economy. In July, the volume of transactions increased by 15% on a monthly basis. The corresponding figure for August is 10%.
For the record, UPI transactions for the month of August are 3.5 billion, with a total value of Rs 6.39 lakh crore, according to data released by the National Payments Corporation of India.
Phone P has maintained its lead.
Among individual digital payment platforms, PhoneP maintained its lead in the UPI ecosystem in terms of transaction volume and value in August.
PhoneP entered 1.6 billion transactions worth Rs 3,01,644.80 crore in August. Its predecessor Google Pay has registered 1.2 billion transactions worth Rs 2,44,453.05 crore. PhoneP has a market share of 45.64% in UPI transactions while Google Pay has 34.72%. In July, PhoneP and Google Pay had a market share of 45.94% and 34.45%, respectively.
PTM recorded 423.63 million transactions worth 50.921%, of which 11.91% shares were registered.
WhatsApp’s show in UPI is weak as it had 0.5 million transactions worth Rs 4.47 million.
PhoneP is also the most downloaded art tech app in India in August. In August, it had 9.5 million downloads on the Play Store and App Store. Google Pay has been downloaded 7 million times.